EBRD and InvestEU

The EBRD is one of the main partners of the European Union’s flagship InvestEU programme. It supports sustainable investment, innovation and job creation in Europe, aiming to mobilise more than €372 billion in private investment between 2021 and 2027 in high EU policy priority areas.

The programme comprises three main building blocks: 

• the InvestEU Fund, which provides an EU guarantee to support the financing of, and investment in, internal EU policy objectives
• the InvestEU Advisory Hub, which supports project development, access to finance and capacity building
• the InvestEU Portal, which promotes projects seeking finance and information on investment opportunities.

The EBRD’s role

The EBRD works with the European Commission (EC) to promote investments in sustainable infrastructure, the green economy and digitalisation, support to SMEs as well as innovation and research in the EU. Between 2022 and 2027 InvestEU guarantees worth €777 million, including a €25 million Critical Raw Materials (CRM) equity product, will be leveraged by the EBRD to finance investments of more than €3.8 billion in eligible sectors.
The Programme supports activities in EU member states where the EBRD invests, namely Bulgaria, Croatia, the Czechia, Estonia, Greece, Hungary, Latvia, Lithuania, Poland, Romania, Slovak and Slovenia. The CRM equity product covers in addition several non-EU countries associated with the Horizon Europe Programme.

InvestEU Advisory Hub 

With over €60 million in funding from the InvestEU Advisory Hub, the EBRD is able to provide technical assistance to project developers, corporates and intermediaries to help with project preparation and implementation, policy dialogue, market development and capacity building.

Eligible sectors

• Sustainable infrastructure, including transport (e.g. the TEN-T network), e-mobility and clean transport, renewable energy generation and grids, the circular economy, sustainable agriculture and agribusiness, energy efficiency and low carbon technologies in industry and small and medium-sized enterprises (SMEs), just transition, buildings and tourism (e.g. building renovation and efficient new buildings), digital connectivity, clean water, district heating and cooling, other municipal and environmental infrastructure, and climate adaptation and resilience.
• Social investment and skills, including projects in affordable social housing, health infrastructure, hospitals, healthcare and other social infrastructure (e.g. student accommodation).
• Research, innovation and digitalisation, including projects in health and life sciences (e.g. therapeutics, diagnostics and other novel solutions for health systems)
• Small and medium-sized enterprises (SMEs), including projects providing access to finance for a variety of SMEs ranging from innovative ones to those operating in the cultural and creative sectors, as well as for small mid-cap companies.

The EBRD offers various products to its clients in the infrastructure, corporate and financial sectors:

Direct financing products (general and thematic product) 

These are direct loans to clients, with an InvestEU guarantee as risk coverage and credit enhancement.

• Eligible beneficiaries: private sector companies, including SMEs, small mid-caps, large mid-caps and large corporates; public sector companies, municipalities and public-private partnerships. Final recipients must be established in at least one EU member state and operate in the EU countries where the EBRD invests (see the list above).
  
  
• Eligible project types: projects falling under one of the above-mentioned sectors. The thematic product covers only investments in sustainable infrastructure or research, innovation and digitalisation with a particularly high level of risk.
  
  
• Key guarantee terms: these depend on the type of final recipient, financial barriers and level of impact achieved. The thematic debt product offers higher risk coverage to enable highly innovative projects or address more severe financial constraints.
  
  Intermediated financing products
  These include unfunded uncapped or capped portfolio guarantees to financial intermediaries to support portfolios of newly generated transactions financing eligible projects.
  
  Eligible financial intermediaries comprise majority privately-owned commercial banks and leasing companies operating in the EU countries where the EBRD invests (see the list above). Financial intermediaries must be established and operate in at least one EU member state.

Intermediated financing products
These include unfunded uncapped or capped portfolio guarantees to financial intermediaries to support portfolios of newly generated transactions financing eligible projects.
Eligible financial intermediaries comprise majority privately-owned commercial banks and leasing companies operating in the EU countries where the EBRD invests (see the list above). Financial intermediaries must be established and operate in at least one EU member state.

Green Uncapped Portfolio Guarantee

• Eligible project types: energy efficiency and renewable energy investments in buildings, and sustainable transport.
• Eligible final recipients: individuals; private enterprises (including SMEs, mid-caps and large companies, housing associations or similar organisations, relevant service providers such as energy service companies, companies that either invest in or construct buildings, and so on); public sector entities; and mixed entities, such as public-private partnerships and private companies with a public purpose.

Green Capped Portfolio Guarantee

• Green projects across industry sectors: sustainable transport; clean energy transition; transition to the circular economy; industrial modernisation and decarbonisation; sustainable tourism; and biodiversity/nature-based solutions/green infrastructure.
• Eligible final recipients: private enterprises (including SMEs, mid-caps and large companies); public sector entities; and mixed entities, such as public-private partnerships and private companies with a public purpose.
• Portfolio guarantee cap: 35 per cent.

In addition, dedicated financial products in two EU countries of operations (Greece and Romania) will be deployed through financial intermediaries (under the specific Member State Compartments of InvestEU).

Access the Detailed eligibility assessment guidelines for sub-projects benefiting from the Intermediated financing products.

Access the Green Technology Selector, a list of high-performing technologies eligible under the InvestEU Intermediated financing products.